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ABS

News

Lyondell Uses Securitization Facility as Part of Financing Package

The proceeds from the debt financing, along with debt under a new European securitization facility and funds from a $2.8 billion rights offering, would be used to repay and replace existing debt.

HAMP Feb Report Released by Treasury and HUD

The Treasury Department and the HUD today released February data for the HAMP.

FDIC Said to be Prepping Sale of $3 Billion of AmTrust Bank Loans

The Federal Deposit Insurance Corp. is reportedly preparing to sell $3 billion worth of loans from AmTrust Bank.

ResCap on the Block?

GMAC has hired Goldman Sachs to start the process of selling the company's money-losing mortgage unit ResCap.

GMAC Plans to Correct RMBS Servicing Practice by April

GMAC Mortgage's corrective actions related to an unusual servicing practice that could hurt ratings on nearly $6 billion of RMBS it services are scheduled for completion by April 1.

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Articles

Banks Lobbying to Temper Impending ABCP Capital Rules

Despite final rules published last month, banks running ABCP conduits are continuing discussions with regulators in an effort to temper new capital rules they say could shift assets to non-U.S. banks and potentially reduce what has been a successful short-term funding source for U.S. companies. "The requirements significantly increase the cost of being in this business, and they could shrink credit capacity," said Debbie Toennies,JPMorgan's head of conduit management and business development.

CLO Market Sees Consolidation Activity Surge

At the onset of the credit crisis, market participants expected a wave of consolidation in the CLO market. The wave turned out to be little more than a ripple, with less than 5% of the CLO market making management changes during the last year and a half, according to analysts at Citigroup Global Markets. That, however, now appears to be changing, with several managers recently acquiring portfolios, and a number of others looking for buyers, sources said.

Govt. Tries to Solve the Problem Called HAMP

Reports last week surfaced that the Treasury Department is contemplating changes to the Home Affordable Modification Program (HAMP), which has been widely criticized for being ineffective. There are several changes to the program that the Treasury is looking at, according to a document obtained by American Banker, ASR's sister publication.

Auto Loans in Colombia Steer Toward ABS

Auto loan ABS might be coming down the Colombian pike this year for the first time, thanks to an appetite for alternative funding sources and a new law authorizing the establishment of non-mortgage securitizers. "We hope to do a first issue in the second half of the year," said Alberto Gutierrez, president of RMBS securitizer Titularizadora Colombiana, adding that his team has filed with the Superintendency of Finance to create Multiactivos, a new agency that would securitize non-mortgage assets.

Handle with Care: Securitization's Survival a Balancing Act

With the boxes stacked up against the securitization market’s survival, industry players have to play a careful balancing act: How to make the case for the future but still survive in the current hostile environment?

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